Forex today: all eyes on the upcoming US Fed rate hike

Joshua Gibson FXStreet

In forex today, markets started to wind up ahead of Wednesday's US Fed rate call, coming in for a landing at 18:00 GMT, and markets are broadly expecting a 0.25% rate hike.

Broader markets remain quiet in the run-up to the US Fed action, though a kick in New Zealand's business confidence reading early in Wednesday's trading saw some support for the Antipodeans.

The EUR/USD is trading flatly near 1.1760 ahead of Monday's Fed action, and with the current path of Fed rate hikes already fairly priced into the EUR/USD, it's unlikely that today's upcoming rate hike will see much downside action for the major pair.

EUR/USD: Two-year US-DE yield spread hits fresh multi-decade high, focus on Fed

Over in the UK, Brexit headlines continue to dominate the pair, and the downside may open up on the Sterling after Prime Minister Theresa May reiterated that she'd rather see no deal at all than a bad deal.

GBP/USD holds above 100-day MA ahead of the Fed

Key headlines during Asia

Breaking News: Kiwi soars on NZ Headline business confidence at highest level since May

Asian Development Bank trims developing Asia 2019 growth forecasts

China's Yi: US and China should avoid falling into a zero-sum game trap

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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